Word: serra
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...Serra, a highly confident technocrat who oversaw the NAFTA negotiations for Mexico, had misjudged the importance of hand holding in the world of high finance, especially when the hands control your country's fate. Money managers in the U.S. were stunned. During the Salinas era they had grown accustomed to being alerted in advance to any major change in Mexico's financial policies. In a reaction that reflected professional pique as much as considered judgment, they dumped Mexican securities as fast as they could...
...undertake the devaluation himself when the Chiapas rebels launched a new offensive in advance of the first anniversary of their uprising. Within days the rebels had captured dozens of villages, disabled 47 jungle airstrips and seized several highways. On Dec. 19, Zedillo got the news from Finance Minister Jaime Serra Puche that the prospect of further trouble in Chiapas had prompted jittery Mexicans to move about $1 billion out of the country that day alone...
...Though Serra had reassured investors just days earlier that the peso would remain stable, Zedillo directed him to blame a climate of insecurity spawned by the rebels for a change in policy. Within 24 hours the peso lost 12% of its value. Then came the bombshell. Despite an earlier promise of no further devaluations, Serra abruptly made public on a television show that the peso would be permitted to float against the dollar...
Mexican President Ernesto Zedillo, after just a month in office struggling to retain credibility as his nation's finances appear in disarray, today fired his treasury secretary and adopted an international bailout package which hopes to stabilize the peso. Treasury Secretary Jaime Serra Puche will be replaced by another U.S. trained economist, Guillermo Ortiz Martinez. The new package is designed to limit wage and price hikes and will also include unspecified financing from industrialized nations including the U.S. and Canada. Meanwhile, the value of the peso increased today, a second straight day of improving prospects for the nation's currency...
Predictably, the exhibit also features an array of virtually indistinguishable black rectangles, black rectangles juxtaposed with other black rectangles, and black-on-black compositions. Works such as Richard Serra's "Clara Clara II" and Adja Yunker's "Unititled III" experiment with black texture and three-dimmensionality...